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What is CFE certification? Is CFE certification worth it?
- June 9, 2023
- Posted by: Raghav
- Category: Blogs
The CFE certification, also known as the Certified Fraud Examiner, is a qualification granted by the Association of Certified Fraud Examiners (ACFE) that certifies the professional’s expertise in the area of fraud examination. CFEs are professionals who investigate various financial instances to discover fraudulent acts and then develop systems and controls to prevent future financial fraud. CFE designation holders can be of considerable use to an organisation since they help avoid embezzlement, insurance, and other financial scams that cause organizations to lose large sums of money.
According to ACFE research, organisations that use CFEs experience nearly 60% fewer losses from fraud than organisations that do not use CFEs. This is why Certified Fraud Examiners have gained significant popularity in recent years due to the increasing incidence of fraud and white-collar crime. However, many professionals are still debating whether obtaining the CFE certification is worth it.
Let’s dive deep into whether CFE credential is obtaining or not by addressing its advantages-
Improved professional and knowledge base: The Certified Fraud Examiner program covers a wide range of topics related to fraud examination and financial fraud. This course syllabus covers subjects such as the various types of fraud and how they are carried out, internal controls that assist in deterring financial fraud, and various investigative tactics for identifying fraudulent schemes. Furthermore, candidates are introduced to the applicable laws concerning fraud, as well as the necessary legal practices and processes that must be followed. All of these course modules assist applicants in enhancing their skills and knowledge, allowing them to become experts in fraud detection and prevention.
Increased job opportunities and earning potential: Obtaining a CFE credential is an excellent way to increase your job opportunities in the field of fraud examination. Many employers prefer candidates who have obtained this certification, as it demonstrates that they possess the knowledge and skills required to investigate and prevent fraud. According to an ACFE survey, CFE certification holders earn 17% more than non-CFE certification holders. ACFE members also have access to a job site and a career centre, which aid in the placement of Certified Fraud Examiners in varied industries. Moreover, CFE qualification holders are in a stronger position to negotiate a higher salary and promotions within their organisation.
Competitive edge: Having a CFE credential can give you a competitive edge in the job market. It shows that you have a deeper understanding of fraud examination than someone who does not have the certification. It can also help you stand out from other applicants who may have similar qualifications but lack the CFE credential.
Enhanced credibility: Obtaining a CFE designation from ACFE, the world’s largest anti-fraud organisation, distinguishes you from the herd. The CFE credential enhances your credibility as a fraud examiner. It shows that you have completed a rigorous program of study and have passed a comprehensive exam covering the various aspects of fraud examination. This credential is recognized globally and is highly respected within the industry. Candidates can use this certification to demonstrate the breadth of their abilities and experience in the field of fraud examination to peers and colleagues.
Possibilities for networking: For gaining a CFE credential, it is mandatory to become a member of the ACFE organisation. This further provides candidates with access to a wide range of information that might be useful in whichever field they work in. This provides networking and work collaboration opportunities with other CFE members. Continuing professional education, which includes live webinars and in-person events covering the latest trends and best practices in fraud prevention, is also required to maintain your CFE certification. These events are also excellent opportunities to network and interact with other experts in your industry or area.
Whether obtaining a CFE credential is worth it depends on your career goals and interests. If you are interested in a career in fraud examination, obtaining a CFE credential can be an excellent investment in your future. The certification can increase your job opportunities, give you a competitive edge, enhance your credibility, and lead to greater earning potential. However, before enrolling in the CFE course and certification, it is important to carefully consider both the pros and cons as well as your current skills to get a comprehensive understanding.